Determine whether each the following statements describes the weighted-average method (WA), the FIFO method (FIFO), or both methods (Both).
_____ Is simpler and more frequently used in the real world.
_____ Assumes the units in beginning inventory were completed before any new units were started.
_____ Acceptable for external reporting (GAAP).
_____ More closely matches the actual flow of costs in many process industries and therefore may be more accurate.
_____ Assumes that all of the work and all of the cost associated with beginning inventory occurred during the current period.